Need For Convertible Term Insurance

You want to know that the children are covered straight through college...regardless of the profession they choose. A 25 year term policy or a 30 year term
policy should do the job. But what about your spouse? Will you not need
some life insurance for her protection after these children are on
their own?

She has to live on too. So she has a job. The family has been
living on 2 incomes. Will the loss of your income cause her any
financial problems? Can she live in the house you both have lived in for
the past 20 or 25 years? Surely you need some life insurance to
guarantee that.

But what if you are not insurable at that time. Over the years an
illness that plagued your mother or father has now got to you. You are
treating it and the doctors say you may overcome it. The life insurance
company is not too certain of that though.

What you need is a policy that you can convert to
permanent insurance.
If you buy that same term life policy but one that is convertible to permanent insurance your spouse will still be covered after your children graduate college and are on their own.

Here is how it works. The life insurance company
sets a period within which you should convert your policy; you may need
to convert your 25 year term policy within 14 years for example. You
select the type of policy you want to exchange your term policy for, complete the form and pay the premium.

It is as simple as all that. You do not need to prove that you
qualify if the conversion is done within the period set by the company.
If you convert your policy after that date though you will have to
qualify for the new policy.

Convertible
term insurance
can really be helpful in a case like this. How often do you see people
who get older, they know they are ill and will likely die before their
spouse. They worry themselves to death as a result.